Mortgage Payoff Hack

If you’re looking to pay off your mortgage faster, here are some smart “mortgage hacks” that can help you save on interest and become debt-free sooner:

Biweekly Payments

Instead of making one monthly payment, switch to a biweekly payment schedule. This results in 26 half-payments per year, which equals 13 full payments instead of 12—helping you pay off the mortgage faster.

Round Up Your Payments

Even rounding up your monthly payment slightly (e.g., from $1,450 to $1,500) can make a significant difference over time.

Make Extra Principal Payments

Whenever possible, apply extra money directly to the principal. Even small additional payments can shave years off your loan.

Refinance to a Shorter-Term Loan

Switching from a 30-year mortgage to a 15-year loan (if financially feasible) can help you build equity faster and reduce interest costs.

Use a Windfall Strategy

Apply bonuses, tax refunds, or other unexpected income toward your mortgage principal.

Eliminate PMI (Private Mortgage Insurance)

If you originally put less than 20% down and are paying PMI, check if you can remove it once you reach 20% equity. This saves money, which can be redirected toward your loan balance.

Leverage VA IRRRL (For Veterans)

If you’re a Veteran with a VA loan, the VA IRRRL (Interest Rate Reduction Refinance Loan) can help you secure a lower rate and apply savings toward principal reduction.

If you would you like help exploring refinancing options to pay off your mortgage faster? Contact me today 619-208-6499